ICTSI reports higher earnings, revenues in H1

Billionaire Enrique K. Razon reported that his flagship International Container Terminal Services Inc. hauled in $1.16 billion revenues from port operations in the first six months, up 10 percent versus the same period last year, and netted $313.80 million earnings, also up seven percent.

Excluding the impairment of goodwill attributed to Pakistan International Container Terminal , net income attributable to equity holders would have grown 10 percent to $324.41 million. “We have a robust balance sheet and a highly cash generative business which will enable us to continue our strong track record of investing in our terminals to support future growth," Razon stressed.

"These investments are examples of our ongoing commitment to make our ports more efficient, accessible and globally competitive," he said. The increase in volume was mainly due to the contribution of the Manila North Harbour Port Inc. that was consolidated starting September 2022, improvement in trade activities, and new services at certain terminals.

Consolidated cash operating expenses was 15 percent higher at $325.85 million due to the costs contribution of MNHPI and of new businesses at IRB Logistica, and from government-mandated and contracted salary rate adjustments, increases in business development expenses and equipment repairs.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Razon-led Malampaya operator backs measure on gas industry dev’t regulationRazon-led Prime Energy Resources Development B.V., operator of the Malampaya gas-to-power field, supports the passage of a measure seeking to create a legal and regulatory framework for the development of the country’s gas industry.
Source: gmanews - 🏆 11. / 68 Read more »

Shell reports steep H1 earnings dropOil giant Shell Pilipinas Corp. saw a steep drop in first semester earnings to P123 million from P7.8 billion in the same period last year as volatile fuel prices and high interest rates hounded the industry. | MegINQ /PDI
Source: inquirerdotnet - 🏆 3. / 86 Read more »

8990 Holdings posts flat earnings, revenuesHousing developer 8990 Holdings Inc. reported that its first half net income inched up 2.5 percent to P3.79 billion in 2023 from the P3.69 billion earned last year. 
Source: manilabulletin - 🏆 25. / 51 Read more »